Retirement

By Kerri Fivecoat-Campbell, Next Avenue Deb Morgan, 74, made the decision in 2021 to sell her home in Aiken, South Carolina, and move closer to her son in Cincinnati. While the booming real estate market helped her get more for her Aiken home than she imagined, the market also worked against her when finding a

By Chris Farrell, Next Avenue Many people are in their 50s and early 60s when they realize that they’re financially unprepared for retirement. Of course, they knew long before that they hadn’t saved much for their retirement and that they hadn’t done any retirement planning. What makes this moment different? Retirement is no longer an

Roth IRA owners don’t have mandated withdrawal requirements during their lifetimes. But that’s not the case for those who inherit a Roth IRA. Since Roth IRA withdrawals are not subject to income taxation, you would think that there would be no penalties for failing to take a withdrawal when beneficiaries are required to do so.

The recent annual report from the Trustees of Social Security and Medicare estimated that the trust fund backing Social Security retirement benefits will run out of money in 2033. But that might not be the end of the story. There’s a second trust fund that supports Social Security disability benefits. Not long ago that trust

A measure to close North Dakota’s public pension plan is headed to Governor Doug Burgum’s desk for signature. Before enacting the measure, the state’s chief executive would be wise to look at the experience of other states that have made such a drastic move. State leaders have learned the hard way that ending pension benefits

Step Transaction Doctrine May Ruin Your Estate Plan The What Doctrine? While the step-transaction doctrine might sound arcane it is one of many tax constructs that might well undermine steps you might take to plan your estate to reduce future estate taxes or to protect your hard-earned assets from a malpractice claim. In the simplest

Tax planning is a great way to help increase your take-home pay as a small business owner. Setting up a Cash Balance Plan could save a business owner $100,000 or more in yearly taxes. These tax savings can be even higher for business owners in high-tax states like California or New York. Who Benefits The

Some of you may contribute to your 401(k) to stay on track for financial freedom. Others are motivated by the huge tax savings that come with maxing out their 401(k) plans each year. There is probably a group of 401(k) contributors who have yet to learn why they are doing it beyond someone telling them

The SECURE Act 2.0, passed in the very last week of 2022, has provided a few opportunities regarding tax-sheltered savings vehicles and how we use them. Most people have already heard about the Required Beginning Date (RBD) for Required Minimum Distributions (RMD) being pushed out to age 73, for those born before 1960 who have

When it comes to 401(k) savings, women are doing better than men in every way — except their account balances. That’s according to a recent study examining the different ways male and female savers treat their workplace retirement plans. Not only did women demonstrate better savings habits than men, but they also enrolled in their